All payment amounts are listed in current (i.e., nominal, without inflation adjustment) United States dollars (USD).
Upward recording adjustment: 2017,480.00
Downward recording adjustment: 2016,480.00
For more information on taxes, learn about Form 1040 and Form 1099-MISC.
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In the year 2016, the total payment awarded to you (your income) was $-400.00 USD, and the total money paid to you was $80.00 USD. Your upward adjustment to income (for payments from tasks completed in previous years, that was finalized in 2016) was $0.00 and the downward adjustment to income (for payments for completed tasks in that year, but finalized in later years) was $480.00. Thus, the effective income for tax purposes from contract work is $-400.00.
Here is a rough estimate for how much tax you would need to pay assuming all your income was from contract work for Vipul Naik:
More details of your tax situation and how to fill your tax forms are below.
You had self-employment income for the year 2016. However, assuming that all your self-employment income was through contract work for Vipul Naik, you do not pass the threshold for filing and paying taxes. Specifically, 92.35% of your income was less than the threshold of $400. For more information, see Self-Employed Individuals Tax Center and Form 1040, Schedule SE (Page 2, Line 4c). You are also below the minimum threshold for paying income tax.